(This note is not part of the Regulations)
These Regulations make amendments to the Registered Pension Schemes (Relief at Source) Regulations 2005 (S.I. 2005/3448), which makes provision for relief from tax on payments made to scheme administrators of registered pension schemes under Part 4 of the Finance Act 2004 (c. 12).
Regulation 1 provides for the citation, commencement and effect of these Regulations.
Regulation 3 amends the provisions in respect of interim relief claims by reducing the period within which an interim relief claim may be made from six months to three months. It also prescribes that an interim claim cannot be made for the tax month ending 5th July or any subsequent month until all information requirements have been complied with for that tax month and year of assessment.
Regulation 3 also prescribes requirements for reporting and repaying excess relief claimed in interim claims. These requirements include notification within ninety days of the discovery of the excess relief error and the manner in which a schedule of excess relief claims must be made. It also provides for interest to be charged on any late repayment of excess relief from the date on which the excess relief was paid to the scheme administrator.
Regulation 4 inserts new regulation 15(A), which prescribes the requirements for submitting an annual return of information.
A Tax Information and Impact Note covering this instrument was published on 30 November 2017 and updated on 30 January 2018 following the consultation and is available on the HMRC website at https://www.gov.uk/government/publications/pensions-tax-changes-to-administration-of-relief-at-source.